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Market: TSX Venture
Sector: General Mining
Epic: CVE: GWY
News: Latest news
Web Site: Galway Resources
Other Articles: 17-11-2009

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Saturday March 13, 09:47Premium risk at Prudential

Insurance giant Prudential has stolen the headlines this week, after their decision to buy AIA, the Asian life business of US insurer AIG, has attracted a mixed response from shareholders.

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Friday March 12, 01:39Circadian Technologies to present at Ultimate Healthcare & Biotechnology Event, March 24

Robert Klupacs, CEO of Circadian Technologies, recommended by US Investment Bank Merriman Curhan Ford, as "the Cheapest Little Antibody Company on the Planet" will present in Sydney.

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Friday March 12, 08:51White Energy enters coal deal with China Guodian Group

White Energy Company (ASX: WEC; OTCQX: WECFY) has inked a non-binding heads of agreement with state owned Guodian Inner Mongolian Energy Sources Co Limited to develop a coal upgrading [...]

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Galway Resources

Galway Resources

Galway Resources is a well capitalized company, primarily focused on the exploration of gold and coal in Colombia. The company holds a significant land package in California's Colombia Gold Trend, where drilling will begin in the second half of November 2009.

The properties are located less than 1 kilometer south-west of Ventana's La Bodega project, and 3 kilometers from Greystar's Angostura project, and are along strike.

Tuesday, November 17, 2009

Galway says Xstrata begins drilling at the GALCA coal JV in Colombia

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Galway Resources Ltd (TSX-V: GWY) said Prodeco, the Colombian subsidiary of Xstrata PLC (LSE: XTA), has begun drilling the first of 19 holes in the initial drill program at Galway's GALCA coal project.

Galway has an exploration and joint venture agreement with Prodeco, the third largest coal producer in Colombia, with 11 million tons of annual coal production.

The GALCA coal project comprises 132,000 hectares that Galway believes could host a new undiscovered coal basin that occurs close to surface. This drilling program will be focused on two areas, the northern flank and the southeastern portion, that appear to have the highest prospect of coal near the surface.

Galway president and CEO Robert Hinchcliffe commented: “This area has the potential to host several new coal deposits with great existing infrastructure. The upside could be tremendous."

The JV agreement envisages that Prodeco funds the first 19 drill holes and will earn a 60 percent stake in the project when it agrees to finance the feasibility drilling program. Prodeco will then earn the remaining 40 percent interest by paying Galway an already agreed value per tonne of economically mineable open-cut reserves determined in accordance with the JORC Code, up to US$70 million.

The GALCA project is located in the Cesar State. The project has very favorable infrastructure, with the Fenoco rail line running through the middle of the concession area, and the Rio Magdalena River and the National Road to the Caribbean coast and ports running along the western edge of the project.

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